Australia and New Zealand are expected to step up spending in biotechnology industries, but Asian countries such as Singapore are expected to grab market share from them, an industry monitor said yesterday.
International Data Corp (IDC) said Australia and New Zealand biotechnology spending is projected to more than double to US$655 million by 2006.
The Australian and New Zealand (ANZ) market is considered one of the top 10 "bio-environments" worldwide, fueled both by private and public investments.
"The governments in ANZ have set the ground works for the advancement of the life sciences market. The maturity of organizations in the sector continues to increase their use of the latest and most advanced technologies in the area of biotechnology," IDC's regional office in Singapore said in a statement.
But Daphne Chung, senior analyst for Life Sciences and Healthcare Research at IDC Asia-Pacific, said the two countries are "more likely to lose than gain market share" in the regional bio-technology market as other countries such as Singapore, India, China and Taiwan raise investment.
The Asia-Pacific region, excluding Japan, has over 320 biotech firms, of which 250 are publicly listed, with the sector now employing over 6,500 research personnel.
Early initiatives by the governments have placed the Australian and New Zealand market some years ahead of other countries in the region, IDC noted.
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